Do you think the money in your bank will always be available for withdrawal? Do you think you have track of each and every cent that you own? You would be very surprised to find out that even as you read this, your money is being handed over to state and federal government agencies because it has become unclaimed money. Do you want to safeguard your money? Do you want to ensure your money never becomes ? Read ahead!

Escheat laws clearly lay down the companies and must turn over money as unclaimed money if it fulfils certain conditions. Firstly, the account must not have witnessed any transactions for a period of three years. Secondly, the account holder must be untraceable. That is to say, the contact information of the account holder must be outdated.

When money becomes unclaimed money, it no longer is your property. It will become your property only when you establish proof of ownership. The money in the bank account, safe deposit boxes, stocks, bonds etc shall be operated and transferred to the government without your express consent.

A few precautions and a few ground rules will ensure that your money remains your own money. Otherwise, the money shall become and will end up in the hands of the government.

The first step to ensure that your money does not become unclaimed money is to identify the probable sources of unclaimed money. It is very important to keep track of all your bank accounts- savings account and checking accounts. Keep track of accounts in the name of your spouse and children as well. Similarly, keep track of the name, contact number and account number of all companies where you have

invested money

taken insurance policies

rendered service in exchange of remuneration

opened a pension or retirement account

purchase stocks

transacted in CD's and trust funds

opened utility deposits and escrow accounts.

After you create the list, provide a copy to others as well. Even providing a copy to your executor will suffice. This will ensure that your family will not face the problems of unclaimed money in the sad event of your sudden demise. The list and its copy will ensure your money comforts your family members.

Always keep note of changes in contact information and always provide the latest contact information to all institutions and companies either owing money to you or holding money on your behalf. Happily, a short and simple letter, the format of which is given below, will suffice. Just fill in the required information and mail it to the company.

((INSERT Date))

((INSERT Company Name))

((INSERT Department You Are Contacting i.e. Customer Service))

((INSERT Company Address))

((INSERT Company City, State & Zip))

RE: Records and Information for Account # ((Insert Account Number))

To Whom It May Concern:

My name is ((INSERT Your Name Here)). I am the owner of the above referenced account.

I would like to verify the contact information on my account is correct and up to date. Please respond via letter stating the information is accurate on your records.

My current address is ((INSERT Your Current Address Here)).

My current contact phone numbers are as follows:

Home: ((INSERT HOME PHONE HERE))

Cell: ((INSERT CELL PHONE HERE))

Work: ((INSERT WORK PHONE HERE))

In case of my death I would like to ensure you have noted the money, interest and ownership of this account is transferred to ((INSERT Name of Heir)) my ((Insert Relationship to Heir, i.e. Wife or Next of Kin or Daughter, etc.)).

The contact information for ((INSERT Name of Heir)) is as follows:

Address: ((INSERT Heir's Address))

Phone: ((INSERT Heir's Phone Number))

Alternate Phone: ((INSERT Heir's Alternate Phone Number))

Please let me know if you require any additional information on this account.

Sincerely,

((SIGN YOUR NAME HERE))

((TYPE YOUR NAME HERE))

You should send this letter when

-you change your residential or official address

-you change your residential or your official telephone number

-you change your heir or nominee

If you want to ensure that your money never becomes , simply follow and comply with these four steps. This will ensure that your money remains your own.

If you want to play it safe, make use of the free search feature offered by the unclaimed money database and determine if you are owed unclaimed money.

When you are conducting the search, include the names of your friends and family members as well. This will confirm whether you are .

If you do discover that you are owed unclaimed money and if you want to claim the same, the website will provide additional information regarding the same.

If you have made the claim and if the claim is verified without any further queries, the unclaimed money check should reach you within a maximum period of 16 weeks.